BSA/AML Analyst

Salem Five Cents Savings Bank•Salem, MA

42d•$52,000 - $65,000•Onsite

About The Position

Salem Five is a growing regional financial services organization with a rich history of over 160 years. As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers. This position requires the ability to work in the Salem, MA offices. Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families. Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we're all about. ESSENTIAL DUTIES AND RESPONSIBILITIES include the following: Assists with the development and, implementation of the Bank's Secrecy Act and AML Program; makes recommendations to Management when appropriate; and is required to submit reports to the Management detailing the Bank's BSA and AML investigations. Other duties may be assigned from time to time due to business necessity.

Requirements

At least two years of related banking experience.
Must have knowledge of Bank Secrecy Act regulations and requirements and general knowledge of money laundering.
Associates degree (A.A.) or equivalent from a two-year college or technical school preferred.
Demonstrated capability and familiarity with Microsoft products including creation and maintenance of spreadsheet calculations/formulas utilizing Excel, preparation and production of correspondence, reports, and related record keeping utilizing Word.
Strong skills in Internet-based and system-based research techniques, e-mail communications, and ability to learn other related software applications required.
Ability to learn and use new software products.
Must possess a working knowledge of the Fiserv DNA core banking system as well as the Bank's policies and procedures related to Security and Bank Secrecy Act compliance.
Familiarity with suspicious transaction monitoring systems.

Responsibilities

Using the Bank's AML/Fraud Monitoring system, investigate and assess alerts relating to potential money laundering and fraud risks in the organization
Make use of transactional and customer records, reports and publicly available information to identify and research patterns and anomalies in customer data to detect suspicious activity related to money laundering, underlying criminal activity or structuring
Document investigations of unusual banking activity to support decision-making for federal Suspicious Activity Reports
Provide investigative results to the Bank's AML Committee for review.
Prepare clear and accurate Suspicious Activity Reports for filing with the federal government.
Provide support and back-up for the daily Currency Transaction Reporting processing, ensuring timely and accurate filing.
Maintain well organized records of CTR submissions and acknowledgments.
Review OFAC alerts from the Bank's AML/Fraud Monitoring software, ensuring timely response to OFAC's SDN List and other national and international security lists.
Upload FinCEN's bi-weekly 314(a) files and reviewing/decisioning all alerts generated.
Maintain records supporting results of same in compliance with regulatory requirements.
Using the AML/Fraud Monitoring software and system reports, identify high risk customers for enhanced due diligence (EDD).
Maintain accurate and complete records on the Bank's high risk customers, including documentation of enhanced monitoring.
Investigate unusual/suspicious activity reported by the various divisions and advise the AML Committee accordingly.
Assist in the development and administration of BSA/AML training and awareness programs for staff.
Perform and document the review of the Bank's Exempt Customer List in compliance with IRS rules and file required exemption renewals on a timely basis.
Perform and document monthly data validation reports of the Bank's AML/Fraud Monitoring system reporting any identified issued to the BSA Officer in a timely manner.
Record and monitor sales of monetary instruments for unusual activity and document patterns.
Provide periodic reports of same to the AML Committee.